Optimism is the fuel that drives the entrepreneurial spirit, so it isn’t surprising that most small business owners consider themselves optimists. Too much optimism, however, can get a small business owner into trouble. A business plan built solely on the “best case scenario” is like a house of cards—one gust of wind (or fire or wrongful termination lawsuit) and the entire business can come crashing down. That’s why smart business owners temper their innate optimism with a healthy dose of reality. In other words, they learn to manage risk.

The first step in implementing a comprehensive risk management plan is identifying potential risks. To help you get started, we have provided a list of the top 10 threats facing small business owners. As you read through the list, consider the unique risks facing your business and ask yourself whether those risks are being managed effectively.

1. Protecting your Property 

Home insurance rates for Strathcona County acreages have dramatically dropped due to a new accreditation and increased fire safety in the area. Read on to see if you qualify for this money saving opportunity.

While it may seem like a viable option to lower your property insurance coverage to save some money, this may end up costing you big in the long run. If your policy limits are too low, the cost to fix your home may exceed your limits, even if your home’s value has lessened recently. 

Property Insurance Considerations

Though housing prices are declining, home repair costs are escalating. Rebuilding is often more expensive because demolition and removal of damaged property are pricey. Workers must also work around your existing landscape, power lines and other structures. This can make rebuilding difficult and limiting.

Limits on your Homeowners Insurance are established to protect your family in the event that something would go wrong (fire, destruction to your property due to weather, etc.). In an effort to remain protected and save money, consider the following savings tips:

• Increase your credit score by paying your bills on time, avoiding writing bad checks, etc. Insurance companies believe that having a poor credit score means that you are not responsible and are consequently a greater risk to insure.
• Avoid filing nuisance claims. Use your coverage to protect against losses that you cannot recover by yourself and take care of minor incidents on your own.
• Increase your deductible to lower your monthly premium. According to the Insurance Information Institute (III), increasing your deductible from $250 to $500 can cut costs by 12 per cent. If you increase to a $1,000 deductible, you could save as much as 25 per cent or 30 per cent if you increase up to a $2,500 deductible.
• Consider buying multiple lines of coverage from the same carrier to incur discounts, such as your Homeowners Insurance, Automobile Insurance, Life Insurance, etc.

Safety = Savings Tip

You can count on us for all your home matters, including Homeowners and Renters Insurance.

Or call us for more information on our affordable coverage options:
1-855-475-0959

Intact Insurance For Immediate Release:
We’re rewarding Albertan's with a $100 Welcome Gift.

At Intact Insurance, we believe we have one of the strongest auto insurance offerings in the market today. Along with competitive rates and a good product, we provide a 15% New Business Discount for experienced drivers*.

And now, for a limited time, we are offering a $100 welcome gift on all new personal auto policies.

Crews are feverishly patching up roads after what might be Edmonton's worst year for potholes yet. Hopefully your car wasn't damaged in the mayhem, but if it was, the city might pay for your damages.

Part of the benefit of being a homeowner is having an intimate space to entertain friends, family and other guests. But what happens when something goes wrong and a guest breaks a window, knocks over your new flat screen TV or damages something else around your home? While in a perfect world the guest would immediately apologize and offer to cover the damage, the reality of the situation can be much more complicated.

• Fashion trends have come and gone, and come again.
• TVs are flat now.
• Phones are getting smarter.
• and Glass coverage on your vehicle seems to have gone out the window, so to speak.

If you've been struggling to peer through the cracks, chips and nicks in your windsheild this spring you may be wishing that you had glass coverage to help you take care of the mess that rocky spring roads make of our car and truck windsheilds in Alberta.

Some may describe the boating season in Alberta as short... This is especially true when your coming off of 6 months of winter, like most of us are seeing this year. For boat enthuthiasts though, the saying "absense makes the heart grow fonder" rings true.

This infographic gives us some compelling reasons why you should always trust your insurance to a qualified insurance broker. In fact, this may be one of the only documented cases where "cutting out the middle man" has a negative affect on price.